Atlanta’s Best New Homes Show recently welcomed Nichole Allison with New American Funding and Samantha with Piedmont Residential. The two women joined this Mortgage Minute segment, sponsored by New American Funding, to discuss reverse mortgages and new homes available from Piedmont Residential.
“Our older homeowners are obviously eligible for reverse purchase, and it is actually a little easier to qualify for than your traditional mortgage,” said Nichole.
A few of the qualifications and requirements for reverse mortgages are listed below:
- The client has to be 62 years of age or older, though their spouse can be younger
- The client must have between 25 and 48 percent equity in their property
- The borrower must have financial resources to pay ongoing property fees
- Before obtaining this type of loan, borrowers have to receive independent counseling
- Borrowers can either own the home outright or have a low balance on the mortgage that can be paid off at closing with proceed from the reverse loan
“The beauty of the reverse mortgage is there is no monthly payment,” said Nichole. “Of course from a qualification standpoint we still need to do a basic credit check and we do need to look at income just to ensure a client can pay the property expenses, including those property taxes, homeowners insurance and HOA dues.”
A reverse mortgage is a non-recourse loan. There is mortgage insurance on that product that ensures you will never owe more than what the property is worth. This means you do not leave any debt behind to family members. If there is equity in the home, however, it is passed on to the heirs of the homeowner.
Piedmont Residential is currently offering several homes at affordable prices at Piedmont Village. This active adult community offers two new floor plans available for buyers to take advantage of. The two floor plans in Jasper offer either a ranch layout or a convenient owner’s suite on the main level. The homes at Piedmont Village are priced from the low $200,000s. To see the full spread of Piedmont Residential communities and available homes, be sure to visit www.PiedmontResidential.com or call 678-977-2200. The model homes are open daily.
For more information on reverse mortgages from New American Funding, call 678-919-8016. You can also visit www.NewAmericanFundingAtlanta.com. Make sure to watch the whole interview at the video below!
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